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October Existing Home Sales Drop

In data released moments ago by the National Association of Realtors, sales of existing homes fell 3.1 percent in October compared to September and were down 1.6 percent compared to October 2007.

In news that directly affects current homeowners, the national median price for existing housing dropped a whopping 11.3 percent from October last year, from $206,700 to $183,300, the Realtors said. The 11.3 percent drop is the largest one on record since the group began collecting data in 1968.

On the one hand, October sales increases were reported in California and Florida, as well as Boston, Minneapolis and Denver.

On the other hand, California and Florida are 1-and-2 in number of foreclosures, so that sales bump likely came from bottom-feeders buying distressed properties.